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The following information for Dorado Corporation relates to the three - month period ending September 3 0 . Dorado expects to purchase 1 6 0
The following information for Dorado Corporation relates to the threemonth period ending September
Dorado expects to purchase units of inventory in the fourth quarter of the current cslendar yesr at a cost of $ per unit, and
to have on hand units of inventory at yearend. Dorado uses the lastin firstout LIFO method to account for inventory costs.
a Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September
b Prepare journal entries to reflect these amounts.
Complete this question by entering your answers in the tabs below.
Prepare journal entries to reflect these amounts. If no entry is required for a transactionevent select No journal entry required" in the
first account rield.
Journal entry worksheet
Record the entry for cost of good sold.
Note: Enter debits befare crecits.
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